Meh...Looking for some insight here.

[Anonymous]

Thanks, I will try those on Monday (Westlake Financial and CPS Auto Finance. Is it best that I talk to them over the phone first to explain my situation, before filling out an online app? I would think that if I fill out the online app, I would be automatically turned down for some reason (or my app doesn't have the "magic" key qualifiers. I don't lie on my apps, but it seems that if I fill out these automatically, it would be all for naught.   Any suggestions on this?  Also I don't want to go to any dealer without some kind of financing in hand. If my report get so many pulls, it would probably drop a lot where I would lose a favorable APR.

[StartingOver10]

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@Anonymous wrote:

Thanks, I will try those on Monday (Westlake Financial and CPS Auto Finance. Is it best that I talk to them over the phone first to explain my situation, before filling out an online app? I would think that if I fill out the online app, I would be automatically turned down for some reason (or my app doesn't have the "magic" key qualifiers. I don't lie on my apps, but it seems that if I fill out these automatically, it would be all for naught.   Any suggestions on this?  Also I don't want to go to any dealer without some kind of financing in hand. If my report get so many pulls, it would probably drop a lot where I would lose a favorable APR.

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I wouldn't make application with either of these lenders ^^^ unless you are in subprime mode. Their offerings are for people that are in the subprime arena and they don't adjust the interest rate if your score is better than their normal consumer.

OTOH, DCU will write you at a prime rate if your score is 674 or greater.

Is there a reason you think you need to go the subprime route? Wasn't your score in the 700s?

[Dj4Money]

 Re-reading your original post, it seems your a first-time buyer.

 Lots of those programs exist, Hughes Federal Credi Unions First Time Buyer Program is very good - https://www.hughesfcu.org/borrowing/vehicle-loans/first-time-buyer/

 Ford's includes a $500 matching downpayment. You also have access to their other rebates and incentives including college grad ($500), IUPA Polce (join for $60 = $500 rebate) and whatever other factory rebates exist.

[Anonymous]

I'm not in the subprime category. Someone just made that suggestion to try those two routes.

I will work with the CU's first. 

[Dj4Money]

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@StartingOver10 wrote:

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@Anonymous wrote:

Thanks, I will try those on Monday (Westlake Financial and CPS Auto Finance. Is it best that I talk to them over the phone first to explain my situation, before filling out an online app? I would think that if I fill out the online app, I would be automatically turned down for some reason (or my app doesn't have the "magic" key qualifiers. I don't lie on my apps, but it seems that if I fill out these automatically, it would be all for naught.   Any suggestions on this?  Also I don't want to go to any dealer without some kind of financing in hand. If my report get so many pulls, it would probably drop a lot where I would lose a favorable APR.

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I wouldn't make application with either of these lenders ^^^ unless you are in subprime mode. Their offerings are for people that are in the subprime arena and they don't adjust the interest rate if your score is better than their normal consumer.

OTOH, DCU will write you at a prime rate if your score is 674 or greater.

Is there a reason you think you need to go the subprime route? Wasn't your score in the 700s?

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 Westlake does offer competitive rates for consumers with good credit, as does CPS. They are sub-prime lenders, so is Capital One....

 I just mentioned them because other options do exist but Westlake offers pre-approval now and other lenders can't be access by the consumer but only by the F&I manager.

 I have 22 INQ's and I was just approved for QS from Capital One, so additional INQ don't really hurt, only in certain circumstances.

 In fact Capital One seems to have reacted to some of the rherotic about them not offering competitive rates (do they read this forum?), lowest APR they are offering for those with excellent credit is 1.5%.

 Only captives will beat that.

 Ford is giving Tier 1 rates for Tier 2 credit.....

[Anonymous]

I've seen the ads for Fords, but I don't want a Ford. I'm set on the Subaru Crosstrek because it fits my need and my budget. I can do without the EyeSight option, but if I get that (which is almost a 2000 option), I can get a better rate on my insurance (as an added safety feature). That's why I'm looking at the 23 to 25 thousand range. I don't have a lot for a down payment though, because I wanted to pay the tax and registration fees ahead, so that don't factor into the total loan price of the car. (That's about 2100). I'm not eligibe for any college programs or a military program either. But my employer is a member of the Subaru VIP program and I can get a discount from it. But I do not know how much it is unless you take it to the dealer.  And most of the stuff espires tomorrow.  I would like ot purchase before the new models come out (people say that this is the best time to buy since dealers have to move their inventory, but since the Crosstrek came out so late in the year (Jan 2015), this may not apply.  What would you suggest I do? Any advice would be appreciated.

[StartingOver10]

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@Anonymous wrote:

I'm not in the subprime category. Someone just made that suggestion to try those two routes.

I will work with the CU's first. 

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Yes, a CU is really your best bet. If you are limited to an amount you can't make work to purchase your vehicle, then use the rate and terms to negotiate with the F&I guy for a decent purchase. Be careful though, the F&I people are good at telling you one thing verbally and filling out the paperwork differently. The errors only favor the dealership/lender and not the buyer/borrower so read every word of the contract before you sign if you go in this direction.

EDIT:  if you choose to apply with a dealer - the rates are negotiable. They will tell you they aren't - but they are and you keep negotiating until you get to a decent rate (for your purposes).  Don't let them tell you that you have to have the extended warranty or GAP insurance to get the best rates - that is a lie. In fact, in writing in the contract it will say that the warranty and GAP are OPTIONAL products. You can buy GAP with your insurance company for substantially less than what it costs through the dealership.

There is a good link at the top of the page with more detail on how to buy your first vehicle.

[Anonymous]

One last update here:

As of today, I walked off of the lot with a 2015 Jeep Renegade @ a 1.74 interest rate for 65 months with DCU.

I elected to open up a checking account and they brought my rate down lower.

I couldn't be more pleased thus far and have truly been shocked at how smooth and easy everything has been.

Sort of kicking myself for not just applying with DCU the first time around but was sort of leery about after reading some stories from users who had a more difficult time with the initial membership approval process.

If your credit is in good shape and you are a first time lender...do not hesitate to try DCU. I'd reccomend steering clear of Cap-1 or anyone else for that matter and try your luck with DCU.

Thanks everyone for all of the advice.

[Anonymous]

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@Anonymous wrote:

One last update here:

@Anonymous of today, I walked off of the lot with a 2015 Jeep Renegade @ a 1.74 interest rate for 65 months with DCU.

I elected to open up a checking account and they brought my rate down lower.

I couldn't be more pleased thus far and have truly been shocked at how smooth and easy everything has been.

Sort of kicking myself for not just applying with DCU the first time around but was sort of leery about after reading some stories from users who had a more difficult time with the initial membership approval process.

If your credit is in good shape and you are a first time lender...do not hesitate to try DCU. I'd reccomend steering clear of Cap-1 or anyone else for that matter and try your luck with DCU.

Thanks everyone for all of the advice.

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Very nice.. Congrats!!